Schiff: Get Out of the U.S. Dollar
Schiff calls out the Fed, recommends buying foreign stocks.
They don’t wanna face the pain, they don’t want to deal with reality. If they can’t deal with it now, what makes us think they can deal with twice the pain in the future?
8 Comments
Dear Peter,
I totally agre with you. The US dollar is taking the same path as the Zimbobway dollar did. How can I get my money into a foreign currency,
and which one is the best? I just don’t know how to go about this. Thank you in advance for your help.
Sincerely,
Marian Burke
In the long term I agree but in the short term the dollar is currently in a bottoming pattern and stocks and commodities are in a topping pattern and the current trend is about to change drastically. In my opinion, now would be a good time to be moving from stocks and commodities to dollars, not the other way around, because the economy is not quite to the panic point at which Peter seems to be. Those who are manipulating the markets are also doing their best to manipulate people like Peter Schiff, who have a large following of us “common” people they would most like to fleece and impoverish and dis-empower. Think for yourself because that is the only way to avoid following others off a cliff.
Marian – Zimbabwe isn’t a good comparison in my opinion. The USA’s status as world reserve currency sets us apart somewhat, despite our reckless fiscal policies. It should slow the dollar collapse, but may not prevent it in the long run.
If you’re looking to diversify into foreign currencies, I like MERKX. It’s a mutual fund run by Alex Merk, a foreign-exchange pro. Most of us won’t ever have the experience to run FOREX. I’d rather pay 1.25% and have someone who’s been doing it 20+ years handle it for me.
disagree with the video clip to some degree. I agree with Leland’s response from the attached link. Yes in the long term the video clip is correct. But Leland is correct in his analysis. In the short term the dollar is going up and we started to see it this week. He is also right the technicals on the commodities suggests they have topped and are starting to pull back. There are a few exceptions particularly those commodities which will go up due to the foreign exchange of currency such as HMY and GBG. The market is starting a pullback. This will cause the foreign stocks to pullback. As the market pulls back, people are going to safety and they are actually buying bonds and a few are buying the DOW 30 as a safety zone. I believe bonds have temporarily topped. If you own TBT sell it at least in the short term.
The Fed still has some options. That started to test some of those options which caused the dollar to increase two weeks ago. They can also raise interest rates in the short term which will cause the bonds to increase, market to fall more. Short term the dollar is still not a bad way to go. You also may want to check out QID, TWM and SDS. This shorts the market as the dollar gets stronger. The best part about this bet is if the dollar starts to plummet as this guy says, the market will eventually follow. If the dollar goes up the market will also get weaker. The only way the market keeps going higher is a slow gentle loss of the dollar’s value over time. Once the dollar hits about 80 – 85, then it is time to go commodities, inflation protected securities VIPSX and shorting the bonds (TBT).
Check out the attached screen clip. It shows a very bullish sign for the dollar. It’s only a counter trend bounce but two back to back days on massive volume to the upside is an instant giveaway this guy is wrong in the short run. This is what I’ve been waiting for the past 2 – 3 months as the sign to short the market, inflation protected securities and commodities.
In the next few weeks/months we will follow this guys advise.
As Usual,
Peter Schiff has gotten the basic Idea/Premise right;but Timing all wrong.
Just like when around the time that Lehman went bust and he asked all his investors to flee the Dollar (which was all wrong from a timing perspective).
The USD Index has just embarked on a major rally;which should take the USD Index to around 80-82.That will ensure a nice 10-20% correction in all Developed Stock markets as far as the BRICs are concerned,correction will be steeper of order 25-30% or so.
Will be fun to watch and make money too.
Ashish.
please email me the phone # for peter schiff’s company so i can open an account. thank you. joykleinjk@gmail.com
I have watched our government policies for 50 years . I bought gold 50 years ago and I’m still buying to save my family’s lives . I have no doubt we will default on our currency . Get your insurance now before it is to late .
Will America go bankrupt? No only the poor and middle class in America will. Will American money be worthless? Relax at that point all fiat money will become worthless. Is Gold the answer? Gold is a temporary solution that can keep the world trading.
America is sacrificing itself so everyone else can become rich. That is not selfishness. China way produce cheap goods and at cheap quality, they may buy gold. But never, ever will they be trusted to produce good food or have enough to feed themselves. America’s Gold is it’s fertile soils and farmland.
Once you have a home and food, then you can afford to play with the rest.
America rules the skies and the battle fields, what more can you ask.
If you are scared about loosing your wealth or a weak USD. It is because you are ill prepeared looser, who follows CNBC and really havent made much of yourself and are looking for other loosers to cry with.
America cannot survive a Stalingrad, because everyone is to self centered, knowing everything and doing nothing.
America is just tired of having to carry the world on it’s shoulders, if they leave it to the chinese, Russians, Irians, Germans then we would all be living in nuclear bunkers, not worrying about the USD but about just how to survive another day.